I'm getting an Ascended Flame +5 on a SL1 just because I can.
As soon as I got to Firelink Shrine, I went and grabbed the Binoculars (to aim the Firebombs I'll be using), then ran through Undead Burg to the merchant to buy about 15 of the aforementioned Firebombs. From there, it was the shortcut from Undead Burg to Lower Undead Burg, completely bypassing the second half of Undead Burg, the Taurus Demon fight, Hellkite Bridge, and Undead Parish.
I ran through, killed the Capra Demon by throwing Firebombs over the wall, and got the Key to the Depths. Then headed down into the Depths, past all the Hollows and Butcher, saved Laurentius, and Homeward Boned the forget out of there.
Lastly, I had to run back through Undead Burg, and down through Havel's tower so I could access Undead Parish from the Darkroot Garden side (rather than killing the Taurus Demon) and buy the Crest of Artorias that unlocks the gate to the farming area.
Currently farming the forest hunters behind the gate. I need roughly 330,000 souls to get from +5 to Ascended +5. Slowly but surely getting there.
Once I get to +10, I'll have to take a SL1 trip down into Blighttown to see Quelana, which isn't going to be fun.